Ask a mortgage lender, “Do you effectively use digital documents?” Most will highlight advances they’ve made in incorporating imaging into their processes.
Then ask a borrower the same question. You’ll frequently hear a very different story—one full of paper documents, multiple resubmissions of the same document, misrouted mail, and other sources of borrower headaches. Thirty-six percent of borrowers list multiple asks for information as their biggest source of frustration.1
When it comes to the use of paper, the numbers don’t lie. The average mortgage application includes a staggering 500 pages, a number that has trended up rather than down in recent years, despite the expected benefits of technological advances.2 Moreover, the industry has failed to make significant progress in the number of loans registered on the Mortgage Electronic Registration Systems (MERS®) eRegistry, and the mortgage closing process continues to frustrate borrowers with its sometimes glacial pace.